A new global optimization algorithm for functions of continuous variables is presented, derived from the “Simulated Annealing” algorithm recently introduced in combinatorial optimization. The algorithm is essentially an iterative random search procedure with adaptive moves along the coordinate directions. It permits uphill moves under the control of a probabilistic criterion, thus tending to avoid the first local minima encountered. The algorithm has been tested against the Nelder and Mead simplex method and against a version of Adaptive Random Search. The test functions were Rosenbrock valleys and multiminima functions in 2,4, and 10 dimensions. The new method proved to be more reliable than the others, being always able to find the optimum, or at least a point very close to it. It is quite costly in term of function evaluations, but its cost can be predicted in advance, depending only slightly on the starting point.

This paper looks at the challenges and opportunities of implementing blockchain technology across banking, providing food for thought about the potentialities of this disruptive technology. The blockchain technology can optimize the global financial infrastructure, achieving sustainable development, using more efficient systems than at present. In fact, many banks are currently focusing on blockchain technology to promote economic growth and accelerate the development of green technologies. In order to understand the potential of blockchain technology to support the financial system, we studied the actual performance of the Bitcoin system, also highlighting its major limitations, such as the significant energy consumption due to the high computing power required, and the high cost of hardware. We estimated the electrical power and the hash rate of the Bitcoin network, over time, and, in order to evaluate the efficiency of the Bitcoin system in its actual operation, we defined three quantities: “economic efficiency”, “operational efficiency”, and “efficient service”. The obtained results show that by overcoming the disadvantages of the Bitcoin system, and therefore of blockchain technology, we could be able to handle financial processes in a more efficient way than under the current system.

In this work, we acknowledge the need for software engineers to devise specialized tools and techniques for blockchain-oriented software development. Ensuring effective testing activities, enhancing collaboration in large teams, and facilitating the development of smart contracts all appear as key factors in the future of blockchain-oriented software development.